Corvus Insurance, a provider of AI-driven commercial insurance, has updated its cyber underwriting model to reward highly protected organizations with higher limits for Social Engineering and Cyber Crime coverage. Corvus’s Smart Cyber Insurance coverage will be automatically enhanced for policyholders who utilize email authentication services and have other email security characteristics, as identified by the Corvus Scan.
Social Engineering and Cyber Crime coverage includes coverage for losses due to activity like phishing, spear phishing, and other forms of criminal deception, which often take place via email.
“As methods and risks change, so must coverage,” says Mike Karbassi, head of Cyber Underwriting. “The enhanced policy limits for Social Engineering and Cyber Crime helps our policyholders who are working to protect their businesses get greater assurance their risks are well managed.”
The Corvus Scan is a proprietary technology that assesses any organization’s cyber risk posture in minutes. The results of the scan drive Dynamic Loss Prevention, Corvus’s program for helping brokers and policyholders better understand and mitigate risk, as well as driving the underwriting of Corvus’s Smart Cyber Insurance policies. With this update, the underwriting model will offer limits up to $1 million to those organizations identified by the Corvus Scan as having taken the most effective steps to reduce the risk of a social engineering attack.
The company said that the update is an example of its approach to underwriting using data science techniques like machine learning to rapidly iterate its underwriting models.
Corvus Insurance founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries. It is backed by Bain Capital Ventures, Hudson Structured Capital Management, and .406 Ventures. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.
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